China abandons biosimilars; DIM.PA down 14%
- Sartorius Stedim Biotech shares fell about 14% on April 23 after first-quarter results showed equipment demand was still uneven despite confirmed 2026 guidance. - The group said recurring consumables drove growth, while bioprocess equipment stayed soft; Sartorius reported first-quarter sales of €899 million, up 7.5% in constant currencies. - China’s drug market is shifting toward newer biologics, reshaping where suppliers expect demand next. (mckinsey.com)
Sartorius Stedim Biotech dropped nearly 14% after investors focused on soft equipment orders, even as the company said first-quarter 2026 results matched its plan. (marketscreener.com) (sartorius.com) Sartorius said group sales reached €899 million in the quarter, up 7.5% in constant currencies, with underlying EBITDA margin at 29.7%. (sartorius.com) Chief Executive Michael Grosse said recurring consumables demand was strong in both divisions, while bioprocess equipment and lab instruments remained soft and volatile. He said improvement was expected over the coming quarters. (sartorius.com) That distinction matters for suppliers like Sartorius because consumables are the steady, repeat-purchase part of biopharma manufacturing, while equipment orders arrive in larger, lumpier batches. (sartorius.com) (morningstar.com) The regional picture is also uneven. Sartorius said Asia/Pacific sales rose 8.9% in constant currencies in the quarter, while the company kept pointing investors to long-term growth in biopharma pipelines and manufacturing demand. (sartorius.com 1) (sartorius.com 2) China is part of that longer shift. McKinsey has described Chinese biopharma as moving beyond a domestic copycat model toward a larger role in global innovation, partnerships and manufacturing by 2028. (mckinsey.com) Older research on China’s biosimilar market showed a system built to expand lower-cost copies of biologic drugs, but more recent industry commentary points to stronger attention on original drugs and cross-border licensing. (pharmexec.com) (mckinsey.com) At the same time, the biggest Western drugmakers are still spending heavily on capacity. Eli Lilly guided for 2026 revenue of $80 billion to $83 billion after a 43% jump in fourth-quarter 2025 sales, and Novo Nordisk said 2026 capital expenditure should be about DKK 55 billion. (investor.lilly.com) (annualreport.novonordisk.com) That leaves equipment makers in an awkward middle: the long-term buildout is still there, but quarter to quarter, investors are trading on whether the next batch of systems ships on time. (sartorius.com) (marketscreener.com)
